Macau Legend seeks solution for Cambodia land transfer

Macau legend plans to build an IR in Cambodia but the acquisition of the site has been delayed due to the Covid-19 pandemic.

Macau.- Macau Legend Development has issued an update on the situation regarding its attempts to acquire a plot of land located in Siem Reap Province, Cambodia.

In December 2018, Macau Legend acquired the entire issued share capital of Howing Enterprises Co. Ltd, which held 1,200 hectares in Siem Reap, in order to develop an integrated resort.

The company says the transfer of the land was delayed due to the Covid-19 pandemic. The transfer was most recently due to complete by June 26 2021, but this didn’t happen. Macau Legend is now negotiating with the seller to seek an amicable solution.

The company reported revenue of HK$700.7m (US$90.2m) for the year ending December 31, a 70 per cent drop from the previous year.

Macau Legend reported a combined decrease in gaming revenue of around HK$1.37bn (US$176m) compared to 2019. Adjusted EBITDA fell 217.4 per cent in 2020 to a loss of HK$429.3m (US$55m).

In May, Melinda Chan Mei Yi, Macau Legend’s executive director, said it remained difficult to predict the company’s prospects due to the Covid-19 situation in Asia.